HI Sara, I Have a Question . Yesterday my dad was talking to someone and I heard a word Liability. Do you know what is means??
Yes I do. so liability means the amount which the business firm owes to outsiders. There are also types of liability
Sam do you know that today I learnt a new terminologybut I still didnt understand the types of liability
even I don't know
Ma'am what is current liabilities
amounts due to be paid to creditors within twelve months.
and what is contingent liabilities
A contingent liability is a liability that may occur depending on the outcome of an uncertain future event. A contingent liability is recorded if the contingency is likely and the amount of the liability can be reasonably estimated